Prices for Miami real estate are expected to remain stable. We are currently in a so called ‘normal market’ with 5-6 months of inventory a the close of February 2012.
That said, IF you are planning to sell within the next 6 months, every indication suggests that you sell now.
The reason behind that is just last week the banks and the federal government came to an agreement as to how to move forward with the current inventory of foreclosed properties (‘shadow inventory’). They came to an agreement as to how that bottleneck would be released (by the lenders) onto the market .
And not only that, but now there will be a new onslought of properties that are currently ‘underwater’ which the lenders will begin foreclosing on. Anytime there’s an increase in distressed property for sale, there is a corresponding decrease in value.Completed foreclosures are down 38% … but property in the process of being foreclosed on are going up each month.
We would be pleased to sit down with you for a seller consultation anytime you’d like to talk more about selling … what your house will likely sell for … and whether this is the best time for you or not. Information is key to deciding, and we will be happy answer your questions, and see if this might be a good opportunity for you to consider selling . Call us anytime you’re ready or email us at restivo.v@ewm.com … Vicki & Alexandra Restivo EWM Realtors 305 793-1365 or send us a note through our real estate blog
